Trade Minister Parks Tau.
Image: File
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South Africa sees US trade negotiations continuing despite G20 differences
Trade Minister Parks Tau said on Sunday that he expected negotiations with the U.S. over a trade deal would continue, despite differences between the two countries over this weekend's Group of 20 summit in Johannesburg. Host nation South Africa pushed through a G20 Leaders' Declaration at the summit despite objections from the U.S., which boycotted the event. South Africa's efforts to secure a trade agreement with the U.S. have been complicated by issues, including Trump's unfounded accusations of persecution of South Africa's white minority. Trump imposed a 30% tariff on imports from South Africa in August, which could cause tens of thousands of job losses at a time when Africa's biggest economy is barely growing.
Food inflation eases for third month
South Africa’s food inflation continued its downward trend in October, easing for the third consecutive month even as overall consumer inflation edged higher. Statistics SA reported last week that food price inflation slowed to 3.9% in October, down from 4.4% in September, while headline inflation rose to 3.6% from 3.4%. Economists and civil society organisations have welcomed the decline, saying it offers much-needed relief to households squeezed by high living costs. Wandile Sihlobo, chief Economist at the Agricultural Business Chamber of South Africa, said the slowdown was driven largely by lower prices for fruit and nuts, vegetables, meat, sugar, confectionery and desserts.
Malaysia says it plans to ban social media for under-16s from 2026
Malaysia plans to ban social media for users under the age of 16 starting from next year, joining a growing list of countries choosing to limit access to digital platforms due to concerns about child safety. Communications Minister Fahmi Fadzil said on Sunday the government was reviewing mechanisms used to impose age restrictions for social media use in Australia and other nations, citing a need to protect youths from online harms such as cyberbullying, financial scams, and child sexual abuse. The effects of social media on children's health and safety have become a growing global concern, with companies including TikTok, Snapchat, Google and Meta Platforms the operator of Facebook, Instagram, and WhatsApp - facing lawsuits in the United States for their role in fueling a mental health crisis.
No recession risk for US economy as a whole after $11 billion shutdown hit
Treasury Secretary Scott Bessent on Sunday said the 43-day government shutdown caused an $11 billion permanent hit to the U.S. economy, but he was optimistic about growth prospects next year, given easing interest rates and tax cuts. Bessent told NBC's "Meet the Press" program that parts of the U.S. economy that are sensitive to interest rates, including housing, had been in recession, but he did not see the entire economy at risk of negative growth. He blamed the services economy, not U.S. President Donald Trump's sweeping tariffs, for inflation - repeating the Trump administration's longstanding take - and added that he expected lower energy prices to drive down prices more broadly.